The Department of Economics started its functions in 18th October 1991 with the commencement of B.A. Degree in Economics and with this, the college was upgraded as a degree college.The first batch of this degree course passed out in 1994. The sanctioned strength of the course was forty which increased to sixty in 2019. The two complementary courses are Political Science and Indian History. In 1995, the department has started M.A. Degree in Economics and the college was upgraded as a Post-graduate college. The sanctioned strength of this course was fifteen, further increased to 20 in 2019. The department achieved prestigious position in academic and research activities. Five National Seminars were organised by the department of which four were sponsored by the UGC. After securing 100% result at the post graduate level, the department is adorned with the "Certificate of Excellence" award in 2000, 2001, 2005, 2006, 2018 and 2019 from the Head of the Corporate Management, Catholicos. of Malankara Metropolitan. It was further honoured by obtaining the "Certificate of Excellence" for the best II Year B.A. Economics class in the year 2005. The faculty have published works in peer reviewed journals and also undertaken research projects of reputed research institutions.

The department was upgraded into a research department and become “Post Graduate & Research Department of Economics" in 2018 under the University of Calicut. It provides research facilities in Economics Leading to Ph.D to the aspirant researchers. Dr. G. Rajeev and Dr. P.M. Rejimon are presently the research guides in this research centre.

To provide quality education and research skill to the young men and women coming from diverse backgrounds from this rural area for acquiring employment in reputed positions of the Government of India and world class institutions.